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Stanford Guilty in Ponzi Scheme

By

Daniel Gilbert And

Tom Fowler

Updated March 6, 2012 7:35 p.m. ET

HOUSTON—A federal jury found R. Allen Stanford guilty of masterminding a $7.1 billion Ponzi scheme, completing an extraordinary fall from grace for a wealthy financier once feted as a successful entrepreneur.

After a criminal case that dragged on for nearly three years, a jury of eight men and four women on Tuesday convicted Mr. Stanford on 13 of the 14 charges brought by prosecutors, including fraud, obstructing investigators and conspiracy to commit money laundering. The verdict is a victory for the U.S. government,...

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Stanford Guilty in Ponzi Scheme

A federal jury convicted international financier R. Allen Stanford on 13 of 14 charges of money laundering and fraud in a Ponzi scheme that lost billions of dollars for investors, Joanna Chung reports on digits. Photo: Getty Images.